Report No. Report No. 2330
Analysis by: Harry Aloof
JUN 22, 2009
MAGNA INT'L (MGA-NYSE): Technical
Viewpoint: From a low of $30.82 on May 28, 2009
prices rallied, reaching a high of $39.89 on Jun 10, 2009.
A decline saw prices pull back, reaching a low of $35.79 on Jun 15, 2009. Another rally saw prices penetrate resistance
line "A", closing yesterday at $40.77. Technicals:
MACD Index (MACD): A Buy Alert! was given on Jun 21, 2009 when the solid line crossed the dotted line to the upside. Support: Remains at $37.00. Resistance:
Is at $42.00. Point & Figure: Reversed to the
upside on Jun 16, 2009. A P&F downside reversal
takes place at $37.00. Summary: Technical indicators have
turned bullish. BUY! Magna Int'l (MGA-NYSE) @ $41.13 Stop:
Use a protective stop of $39.13. Magna Int'l
is currently trading @ $40.77 plus $2.79 on Jun 19, 2009.Price Objective: $52.50. Risk/Reward: $2.00
VS. $11.37. Today's Risk Reward Ratio: 6:1
DISCLAIMER: This report is not intended as an offering or a solicitation of an offer to buy or sell the securities and futures mentioned. While all information is derived from sources we deem reliable, we do not represent that it is accurate or complete. Such information and the opinions expressed are subject to change without notice. WALL STREET TRADER'S COLUMN, its officers, stockholders, and employees and their families may have a long or short position in or may at any given time purchase or sell the securities or options relating thereto<